To Adapt For Economic Shifts Revise Your Human Resource Policy

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To Adapt For Economic Shifts Revise Your Human Resource Policy
15 Oct 2021
4 min read

Blog Post

The times they are changing," as Bob Dylan famously said. The pandemic, Black Lives Matter, the U.S. Supreme Court's case on transgender job discrimination, record unemployment, and other events have all transpired in the previous year or two. All of these changes necessitate a review of your current human resource (HR) policy and the implementation of relevant changes. The following are a few key places to investigate. #ThinkWithNiche.

Health And Safety 

“Safety Isn’t Expensive, It’s Priceless”

Health and safety requirements are not only ethically correct, but they are also sensible business practices that save the organization money in the long run. Employees are less likely to submit workers' compensation claims, sue, or be late for work. It also enhances the employees' mood.

Diversity And Discrimination

“Diversity: the art of thinking independently together.”- Malcolm Forbes.

Diversity as a business concept is more than just a term, it delivers rewards. According to a recent Entrepreneur article, diverse teams connect with customers and investors. As a general rule, variety does not occur by chance. Maintaining an open mind when it comes to hiring and promotion promotes diversity.

Compensation And Benefits

“To win in the marketplace, you must first win in the workplace.”- Doug Conan, long-time CEO of Campbell’s Soup Company.”

Just before COVID-19 began, the unemployment rate was at an all-time low, and many businesses were moaning about their difficulty to recruit and retain top talent. Employees were frequently enticed and kept on the payroll through the use of compensation and benefits. Some businesses are discovering that they can get the job done with fewer employees on the payroll than previously. This is because artificial intelligence (AI) is being used (AI may cost more upfront but can save employers in the long run).

Consider the following changes to minimum wage legislation when changing your compensation and benefits packages: In recent years, the federal minimum wage hasn't changed much, but many other states, cities, and countries have far higher rates, some of which are set to increase in 2021 or later owing to new laws or inflation. There are options for sick leave, family leave, and medical leave. When the legally mandated coverage for small businesses ends, consider increasing or extending paid time off for employees. There is a broad variety of perks to select from. Cafeteria plans may be the way to go if you're searching for methods to save costs while still giving options for your staff!

Working Arrangements

“We like to give people the freedom to work where they want, safe in the knowledge that they have the drive and expertise to perform excellently, whether they are at their desk or in their kitchen. Yours truly has never worked out of an office, and never will.”- Sir Richard Branson, Virgin America.

Stay-at-home orders have been lifted in the vast majority of areas across the country. Businesses must now decide whether to continue with remote work, force employees to return to the office, or provide them with the choice. Your position and the resources available to you will decide the policy you develop for your organization. Your policy, on the other hand, should be adaptable. People may be obliged to work from home in the future, and business policies that allow for this will be profitable in the long run.

 Final Thoughts

Despite the fact that we are in a new era, modifications in HR policy are not unusual. Set up a yearly assessment to avoid falling behind. Attorneys, accountants, and other experts can assist you in determining if your plans are legal and cost-effective.


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